Wallingford CT Market Update for March 2012

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Real Estate Broker/Owner with Harriman Real Estate, LLC (203) 672-4499 REB 0788845

Wallingford CT Market Update for March 2012

21 Hickory Court, Wallingford CT

Here's the way the housing market is shaping up in Wallingford as of March 31, 2012:

There are currently 200 single family homes for sale in Wallingford:

  • Low list price: $49,900
  • High list price: $1,500,000
  • Average list price: $334,766
  • Median list price: $294,700
  • Average Days on Market: 132
  • Homes sold on average for 93.0% of list price

There are 78 homes currently under contract, priced between $40,000 and $549,900. Based on the number of homes sold in March (14), it would take approximately 14 months to sell the current inventory.

Condo on Tudor Lane, Wallingford CT

As for condominiums, there are currently 73 condosfor sale:

  • Low list price: $64,900
  • High list price: $559,900
  • Average list price: $211,234
  • Median list price: $189,900
  • Average Days on Market: 51
  • Condos sold on average for 94.3% of list price

There are currently 30 condos under contract, priced between $46,900 and $469,000. Based on the number of condos sold in March (5), it would take 15 months to sell the current inventory.

Here is a chart showing annual home and condo sales in Wallingford so far in 2012:

Wallingford CT Sales March 2012

Like Meriden, Wallingford home and condo inventories showed slight gains in inventory levels in March, but sales didn't show as much improvement as our neighbor to the North: single family home sales were up by only 16%, while condo sales rose by 150%, but that just meant a rise to 5 units sold from 2 the month before. The 14 total sales for the month was down by 47% from March 2011, and down a whopping 70% from 2010 when 46 total units sold. In a time when many people are forecasting a real estate recovery for the area, this isn't exactly confidence-inspiring news, especially when Meriden is seeing far better results. The average selling price for condos was back to previous levels at just under $200K, while the average sale price for single family homes was up slightly to just over $311,000. After a short jump over the 4% mark, conventional mortgage rates fell below 4% again, while CHFA rates for first time home buyers also fell back to their previous low of 3.125 percent. While the improvement is there, Wallingford remained in an extreme buyer's market heading into April, but consumer activity in April shows signs of life coming to the local market.

~Wallingford Properties For Sale~

(zoom out to see more properties)

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
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Pat and Wayne so why do you think that Meriden is doing so much better in the sales department than Wallingford?

May 03, 2012 05:49 PM #1
Rainmaker
549,101
Pat & Wayne Harriman
Harriman Real Estate, LLC (203) 672-4499 - Wallingford, CT
Broker/Owners, Wallingford CT Real Estate

Meriden has a little more inventory to choose from, but I think the major reason has to be price: Meriden's average sale price for single family homes and condos is 41% lower than Wallingford. Being a Wallingford resident, we kind of think the lower mill rate and having our own electric company is very appealing, and there are other livability factors that are in Wallingford's favor as well, including crime rate and cost of living. However, as you know, the choice of where to buy a home is an extremely personal one that encompasses many factors. What might attract one buyer to one place may very well be unimportant to another buyer. I do think we'll see a rise in Wallingford sales in the coming months too, though!

May 04, 2012 11:21 AM #2
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Rainmaker
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Pat & Wayne Harriman

Broker/Owners, Wallingford CT Real Estate
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